In This Article:
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Total Revenue: EUR 770.5 million, up 4.1% year-on-year.
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EBITDA: EUR 222.8 million, with a 28.9% margin.
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EBIT: EUR 139.5 million, up 5.9% year-on-year.
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Net Income: EUR 89.6 million, up 3.8% year-on-year.
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CapEx: EUR 54.5 million, in line with the previous year.
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Net Debt: EUR 332 million, EUR 10 million increase from full year 2023.
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Cash Flow Generation: EUR 130.6 million, up from EUR 96.6 million in the previous year.
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Service Units Growth: En route traffic up 10.8%, terminal traffic up 10.7% year-on-year.
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Traffic Growth: Flights managed increased by 9.3% for air route and 8.5% for terminal traffic year-on-year.
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Non-regulated Revenue: Approximately EUR 26 million, slightly decreased year-on-year.
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Operating Costs: EUR 547.6 million, up 5.3% year-on-year.
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Personnel Costs: Increased by 4.1% year-on-year.
Release Date: November 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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ENAV SpA (FRA:ENV) reported a strong traffic performance with a double-digit growth in service units, particularly in the summer months.
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The company achieved a 4.1% increase in total revenues for the first nine months of 2024, driven by robust traffic growth.
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ENAV SpA (FRA:ENV) maintained a solid EBITDA margin of 28.9%, reflecting strong profitability.
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The company successfully reduced the altitude limit for free route airspace, enhancing fuel savings and reducing CO2 emissions for airlines.
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ENAV SpA (FRA:ENV) confirmed a strong cash flow generation of EUR130.6 million in the first nine months of 2024, significantly higher than the previous year.
Negative Points
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Operating costs increased by 5.3%, primarily due to higher personnel costs and contractual salary increases.
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The balance for the first nine months of 2024 was negative EUR59.5 million, impacted by various regulatory and financial adjustments.
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Nonregulated revenues slightly decreased year-on-year, affected by the absence of contributions from previous projects like Qatar.
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Net debt increased by EUR10 million compared to the end of 2023, reflecting dividend payments.
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The company faces ongoing discussions with regulators regarding the impact of increased traffic on punctuality targets, which could affect bonus calculations.
Q & A Highlights
Q: Could you provide some color on the terminal service unit expectations and possibly by charging zone for 2024? Also, what are your 2025 traffic expectations? A: For 2024, we expect terminal service units to increase similarly to the 10.7% growth seen in the first three quarters. For 2025, Eurocontrol forecasts a 4.8% increase in traffic for Italy compared to 2024 figures, which aligns with our expectations.